Question: USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,670,000 and the defined benefit

USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,670,000 and the defined benefit obligation was $7,250,000. Invoking the asset ceiling caps the net defined benefit asset at $315,000.

Required:
Prepare the journal entry to correctly recognize the net defined benefit asset.

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